LifeStore Reports Significant Earnings Improvement

Published Wednesday, June 6, 2012 at 4:37 pm

June 6, 2012. LifeStore Financial Group (LSFG), the holding company for LifeStore Bank and LifeStore Insurance Services, Inc., today reported a net income of $324,536 for the third quarter of year ending June 30, 2012, compared to net income of $105,994 for the third quarter of the year ended June 30, 2011. Through the first nine months of the year ended June 30, 2011, the company had net income of $555,203 or $0.54 per share, compared to net income of $334,269 or $0.33 per share a year earlier.

“I am encouraged by this performance,” said Robert E. Washburn, President and CEO. “We will continue working to reduce our level of problem assets and maintain profitability. I believe we have positioned ourselves to have a long and successful future.”

“I am extremely proud of how our employees have continued to provide outstanding customer service and grow our deposits despite the current economic climate,” said Washburn. “Recently, the Ashe Mountain Times asked its readers to vote on the ‘Best of Ashe’ in many categories and LifeStore Bank was honored with the Best Bank award for the second consecutive year.”

Washburn added, “Even though the loan market has remained soft, LifeStore has money to lend and wants to work with individuals and small businesses to finance their homes, additions and major purchases.” He also pointed out the continuing growth of LifeStore Insurance, specifically the recent acquisition of Parkway Custom Insurance Associates in Ashe County.

LifeStore Financial Group, headquartered in West Jefferson, provides banking, investment and insurance services. It is a federally chartered thrift holding company that owns 100% of the common stock of LifeStore Bank (Member FDIC and Equal Housing Lender) and operates branches in Boone, Jefferson, Sparta, Warrensville and West Jefferson. LifeStore Insurance is an independent insurance agency that serves these markets along with Elkin, Lenoir and North Wilkesboro.